The purchase of a waterfront condo should be a dream come true. For some buyers however, the dream can quickly become a nightmare, especially if they lack experience with this type of purchase. If you are planning to purchase a waterfront condo and want the experience to continue to be a good one, here are some potential mistakes you should strive to avoid.
Failing to get a clear idea of the seller's use of the term waterfront
Technically, any condo located in a development that fronts the water could be advertised as a waterfront condo. If the specific unit you are purchasing is located on the back side of the development, you may be unable to have a view of the water from any of the windows in your unit. Instead, always make sure that your idea of a waterfront condo aligns with that of the seller before you make a purchase offer.
Failing to learn about future development plans for the area
Purchasing a waterfront condo in an area where future development is planned can impact the value of your property, as well as the enjoyment you get from living in it. For example, waterfront condo purchasers who find out after they buy that large developments were in the planning stages for their immediate area may find that their water views, access, and even their property value can be damaged by future development that they failed to learn about before buying.
Failing to determine the health of the governing HOA or condo board
Waterfront condos, like any other type, are governed by condo boards or HOAs. If the HOA or condo board is not financially sound and well-managed, it can have negative effects on your enjoyment of your condo, as well as the potential resale value, should you decide to sell. In addition to requesting documentation about the governing board or HOA, plan to attend some of the development's meetings and speak with several of the people who already own condos in the same building in the weeks before you buy.
Additionally, take time to tour the complex and look for details that can indicate mismanagement or lack of financial stability, such as common areas that are not well-maintained.
Failing to work with an experienced professional
Going it alone or failing to make sure that you are working with a real estate professional with verifiable experience in condo sales is another common mistake that can turn your waterfront dream into a nightmare. Before agreeing to hire any agent, take time to talk with them in detail and go over historical data from their recent sales and listings in the area.Share